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Four bells and all is well.

9 February 2016 David Ritchard

The mould in production a few years back

"The mould in production a few years back"

Our revenues for the first six months of this financial year are slightly stronger than the preceding year, partially as a result of the increase in membership levies to $200 per active member. I anticipate that a further increase will be required in the next financial year, as the Governors voted to increase our international capitation fees to USD 80 for active members and USD 30 for associates, as of 1 January 2016. As we only collect AUD 35 for associates, as the USD/AUD conversion rate is poor, we are losing money on each associate subscription.

Membership numbers are holding, but we are only half way through the year. Fleet captains please stay on top of the issue of ensuring all members are paid up. Without a strong subscription base we risk the Association’s financial viability.

In the period we incurred net costs associated with mould measurement of $3,676. I want to thank Sydney Fleet for their contribution of $2,500 to this undertaking.

At this time, we are reporting a loss for the six months to December of $4,842. However, in the second half we will be facing more than proportional expenditure by way of regatta support and the anticipated cost of modifying the moulds.

As reported after the last AGM, we have undertaken certain steps to curtail losses including the withdrawal of the travelling grant for the Australian Championship and the imposition of publicity levies for B and C events. Whilst these are regrettable, we could not support going forward with continued substantial losses.

Rest assured, the Association remains in a strong financial position. We sit with $141,681 cash on hand and a mould that is waiting for use into the future. More details in the Members Area, Association Info page.

If anyone wishes to email queries to me I am more than happy to respond.

Safe sailing.

David Ritchard

Treasurer









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